Real Estate FAQs

Whether you're buying your first home, investing in property, or dealing with a foreclosure, the world of real estate can be complicated. Having have a solid understanding of real estate is critical if you want to make informed decisions and protect your investments.  

People often seek a lawyer's help in real estate transactions or disputes to avoid costly mistakes and to protect their best interests. 

The Law Offices of Herbert K. Ryder, LLC, based in Somerville, serves clients across New Jersey, including Clinton, Brunswick, Princeton, and Woodbridge.  

With over 15 years of experience, Attorney Herbert K. Ryder offers personalized legal services, tailored to meet each client's needs. He provides clear, understandable legal guidance so his clients understand every step of the process.  

This comprehensive FAQ sheds light on common real estate questions and concerns. 

Why Do I Need a Real Estate Lawyer? 

A real estate lawyer thoroughly reviews contracts to help make sure the terms are fair and legal. They can also help solve any disputes during a transaction and assist you with understanding the ins and outs of such transactions. 

What Are the Key Steps in a Real Estate Transaction? 

The typical steps in a real estate transaction include: 

• Offer and acceptance: This involves making an offer on a property and negotiating the terms with the seller. 

• Contract signing: Once both parties agree, the terms are formalized in a contract. 

• Title search and insurance: Assuring the property is free from liens or other encumbrances. 

• Escrow and financing: Handling the funds involved in the transaction, including securing any necessary financing. 

• Closing: The final step, where ownership is transferred and all documents are signed. 

How Can I Protect Myself in a Real Estate Contract? 

You must make sure the terms are clear and favorable. An experienced real estate attorney can review contracts and help identify potential pitfalls or unfavorable clauses. It is also wise to have contingencies in place, such as financing, inspection, and appraisal, to protect your interests. 

What Should I Know About Property Taxes in New Jersey? 

New Jersey has some of the highest property taxes in the country. The amount is based on the property's assessed value and the local tax rate. Understanding these taxes and how they impact your financial situation is critical for any real estate transaction in the state. 

What Are Common Contingencies to Include in a Real Estate Offer?  

Contingencies are clauses that protect the buyer if certain conditions are not met. Common contingencies include a home inspection contingency, which allows the buyer to withdraw or negotiate if significant issues are found.  

An appraisal contingency ensures that the property appraises for the offered value, protecting financing options. Loan contingencies allow cancellation if suitable financing cannot be acquired. Incorporating these contingencies can safeguard buyers from unexpected issues during the transaction process. 

How Do Real Estate Agents and Brokers Affect Your Transaction?  

Real estate agents and brokers assist you in buying or selling property. They offer market insights, help with negotiations, and assist with managing the administrative aspects of a transaction. A reputable agent or broker can optimize your experience by prioritizing your interests and handling potential issues. 

What Are New Jersey's Real Estate Laws?

New Jersey's real estate laws can be complicated. Here are some key points: 

• Disclosure Obligations: Sellers are required to disclose any known material defects in a property. This includes issues like structural damage or environmental hazards that could affect the property's value. 

• Tenant Rights: New Jersey tenants have strong rights, including protection against unlawful eviction and the right to safe, habitable living conditions. Landlords must follow legal procedures for eviction. 

• License Requirements: Real estate agents and brokers in New Jersey must obtain a license from the New Jersey Real Estate Commission and comply with the rules and regulations set forth by the commission. 

• Zoning Laws: Local municipalities control land use through zoning laws, affecting how properties can be used. Property owners must comply with local zoning ordinances for construction or renovation projects. 

• Foreclosure Process: New Jersey follows a judicial foreclosure process, meaning foreclosures must go through the court system. This typically provides homeowners more time to address financial difficulties or negotiate alternatives to foreclosure. 

• Short Sale Regulations: For homeowners seeking a short sale must understand New Jersey regulations regarding the documentation and approval process required by lenders. These sales often involve detailed negotiations between the seller, buyer, and lender. 

• Environmental Regulations: The state enforces strict environmental regulations to help protect natural resources. Property transfers may require environmental assessments to comply with state environmental protection laws, especially if the land was previously used for industrial purposes.

Real Estate Law Attorney in Somerville, New Jersey 

Attorney Herbert K. Ryder provides personalized guidance for the legal aspects of real estate. Clients in New Jersey - Somerville, Clinton, Brunswick, Princeton, and Woodbridge - trust Herbert's extensive knowledge acquired over 15 years in bankruptcy, foreclosure, and real estate law. He has served a diverse range of clients, from individuals to Fortune 500 companies, and is ready to assist you in real estate matters. Call today to schedule a consultation.